Balance Part Settlement Payment

Balance Part Settlement Payment

The term "Balance Part Settlement Payment" refers to the part payment made by the employee to settle the balance of a loan they received from their employer.

This process ensures that the employee fulfills their obligation to repay the loan in part in full, and the employer receives the loan amount as per the agreed terms.

To view the Balance Part Settlement Payment screen, Login to SPARC > Menu > Loans 

Steps to Balance Part Settlement Payment: 

1. Login to SPARC as HR
2. Navigate to the Util menu and click on the 'Loans' function. A screen similar to the one below will open, where you can select the Employee ID from the dropdown menu. When clicking on Load Employee Loans, if the employee already has an existing loan, proceeding to More Details will direct you to the existing loan status, as shown in the screen below